<font color="#000000" face="Times New Roman" size="3">

</font><h1 style="margin: 0in 0in 0pt 0.5in;"><strong><font face="Times New Roman"><font size="3"><font color="#000000">I.<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">INTRODUCTION</font></font></strong><a name="_ftnref1" title="" style="mso-footnote-id: ftn1;" href="file:///X:/Tadeo/incubator/fixture-generator/temp/9426CK_Sample%20word%20document.docx#_ftn1"><sup><span style="font-weight: normal;"><span style="mso-special-character: footnote;"><sup><span style='font-size: 12pt; -ms-layout-grid-mode: line; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;'><font color="#0066cc" face="Times New Roman">[1]</font></span></sup></span></span></sup></a></h1><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 0.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">The Manual should be kept at hand
for easy reference.<span style="mso-spacerun: yes;">&nbsp; </span></font></font><font color="#000000" size="3">You are asked and
encouraged to raise questions, criticisms or comments about the manual.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp; </font></span><font color="#000000" size="3">Suggestions for changes or additions are
welcome.</font><font size="3"><font color="#000000"><span style="mso-spacerun: yes;">&nbsp; </span><b style="mso-bidi-font-weight: normal;">Any questions regarding compliance issues must be directed to the
Senior Vice-President – Compliance who is the Chief Compliance Officer</b></font></font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 0.5in; mso-pagination: widow-orphan;"><b style="mso-bidi-font-weight: normal;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">The
Firm expects you to be thoroughly familiar with the procedures and policies as
set forth in this manual. </font></span></b><span style='font-family: "Times New Roman",serif;'><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp;</font></span><font color="#000000" size="3">Adherence to the policies and procedures set
forth will help to achieve our goal of uniform compliance.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp; </font></span><font color="#000000" size="3">The Firm also requires you to be familiar
with the Code of Ethics which is available to all employees and to clients upon
request. </font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">A.</font><span style="mso-tab-count: 1;"><font color="#000000" size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></span><u><font color="#000000" size="3">Use and Distribution of the Manual</font></u><font color="#000000" size="3">.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp; </font></span><font color="#000000" size="3">The Manual is a basic part of the Firm's
Compliance Program.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp; </font></span><font color="#000000" size="3">It is intended to be
revised or supplemented from time to time.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp;
</font></span><b style="mso-bidi-font-weight: normal;"><font size="3"><font color="#000000">It is the responsibility of the
holder to see that his/her copy is up to date by inserting new material as
instructed or review the current copy on a shared directory.<span style="mso-spacerun: yes;">&nbsp; </span></font></font><font color="#000000" size="3">The adequacy of the policies and procedures
will be evaluated at least annually and a report provided to management. </font></b></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 0.25in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">Regarding the Manual, each officer,
principal, manager, supervisor or any other person having managerial or
supervisory responsibilities must:</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 0.25in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 0.75in; text-indent: 0.25in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(1)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">know and understand the contents;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 0.75in; text-indent: 0.25in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(2)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">provide new employees, including
trainees, with a copy;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(3)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">ensure that all holders of the Manual
whom you supervise know and understand the contents, and use it in day‑to‑day
activities;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(4)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">ensure that any supplements are
distributed to persons under your supervision with proper instructions for
their use.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">See the Firm’s organizational chart
for the supervisory system.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; text-indent: -0.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">B.<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span><u>Overview of the Advisers Act</u></font></font><font color="#000000" size="3">.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp; </font></span><font color="#000000" size="3">Before we begin our examination of specific
compliance issues, which you should understand, we need to first examine
existing Investment Adviser regulations and determine how and to what extent
they affect you.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; mso-pagination: widow-orphan; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">Congress enacted the Investment
Advisers Act of l940 after finding that the activities of those providing
investment advice or investment advisory materials were of national concern
because of their effect on the economy.<span style="mso-spacerun: yes;">&nbsp;
</span></font></font><font color="#000000" size="3">Certain sections of the 1940’s Investment Advisors Act are not referred
in this manual due to the inapplicable nature of them in a manual such as
this.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp; </font></span><font color="#000000" size="3">These are:</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.0-2<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">General procedures for serving non-residents</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.0-3<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">References for rules and regulations.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.0-5<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Procedure with respect to applications and
other matters.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.0-6<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Incorporations by reference in applications.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.0-7<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Small Entities under the Investment Advisors
Act for </font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: 0.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">purposes of the
Regulatory Flexibility Act.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.203A-5<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Reserved.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.203A-6<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Reserved</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.205-1<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Definition of
“Investment Performance” of an Investment company and “Investment Record” of an
Appropriate Index of Securities Prices.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.205-2<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Definition of
“Specified Period” over which the asset value of the company or fund under
management is averaged.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.206 (3)-1 <span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Exemption of Investment
Advisers registered as Broker Dealers in connection with the provision of
certain Investment Advisory services.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -81pt; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.222-1<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Definitions.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">275.222-2<span style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Definition of
“client” for purposes of the National De Minimus Standard.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -1.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">One of the important provisions of
the Investment Advisers Act of l940 calls for the registration of Investment
Advisers with the Securities and Exchange Commission (the
"Commission").<span style="mso-spacerun: yes;">&nbsp; </span></font></font><font color="#000000" size="3">Once
registered, the Adviser must comply with the statute and regulations promulgated
under the Investment Advisers Act of l940.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp;
</font></span><font color="#000000" size="3">Included among these are numerous anti‑fraud provisions and various
disclosure and financial reporting requirements.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp; </font></span><font color="#000000" size="3">In general beginning in 2011 advisers with
assets under management greater than $100 million will be registered with the
SEC.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; text-indent: 0in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">All other advisers are registered
with and regulated by states.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; tab-stops: .5in; mso-list: l0 level1 lfo3;"><font color="#000000"><span style="mso-list: Ignore;"><font face="Times New Roman" size="3">C.</font><span style='font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span><u><font face="Times New Roman" size="3">Definitions</font></u></font><font color="#000000" face="Times New Roman" size="3">.</font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; tab-stops: .5in;"><font color="#000000" face="Times New Roman" size="3">&nbsp;</font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; text-indent: 0in; tab-stops: .5in;"><font color="#000000" face="Times New Roman" size="3">For purposes
of section 203A of the Act (15 U.S.C. 80b-3a) and the rules thereunder:</font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in;"><b style="mso-bidi-font-weight: normal;"><span style='font-family: "Times New Roman",serif; mso-font-kerning: 14.0pt;'><font color="#000000" size="3">&nbsp;</font></span></b></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in;"><font size="3"><font color="#000000"><b style="mso-bidi-font-weight: normal;"><span style='font-family: "Times New Roman",serif; mso-font-kerning: 14.0pt;'>Investment
Adviser Representative</span></b><span style='font-family: "Times New Roman",serif; mso-font-kerning: 14.0pt;'>. “Investment adviser representative” of an investment
adviser means a supervised person of the investment adviser.</span></font></font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in;"><span style='font-family: "Times New Roman",serif; mso-font-kerning: 14.0pt;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in; mso-pagination: widow-orphan;"><span style='font-family: "Times New Roman",serif; mso-font-kerning: 14.0pt;'><font size="3"><font color="#000000">(i)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Who has more than five
clients who are natural persons (other than excepted persons described in
paragraph (a)(3)(i) of this section); and </font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in;"><span style='font-family: "Times New Roman",serif; mso-font-kerning: 14.0pt;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(ii)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">More than 10 percent of whose clients are natural persons </font><span style="mso-font-kerning: 14.0pt;"><font color="#000000" size="3">(other than excepted persons described in
paragraph (a)(3)(i) of this section).</font></span></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in;"><span style='font-family: "Times New Roman",serif; mso-font-kerning: 14.0pt;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in;"><span style='font-family: "Times New Roman",serif; mso-font-kerning: 14.0pt;'><font size="3"><font color="#000000">(1)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Notwithstanding paragraph (a)(1) of this
section, a supervised person is not an investment adviser representative if the
supervised person:</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(i)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Does
not on a regular basis solicit, meet with, or otherwise communicate with
clients of the investment adviser; or </font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(ii)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">Provides only impersonal investment advice</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in; tab-stops: list 1.5in; mso-list: l2 level1 lfo1;"><font color="#000000"><span style='font-family: "Times New Roman",serif;'><span style="mso-list: Ignore;"><font size="3">(2)</font><span style='font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><span style='font-family: "Times New Roman",serif;'><font size="3">For
purposes of this section:</font></span></font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(i)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">“Excepted
person” means a natural person who is a qualified client as described in
§275.205-3(d)(1).</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(ii)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">“Impersonal investment advice” means investment advisory
services provided by means of written material or oral statements that do not
purport to meet the objectives or needs of specific individuals or accounts.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in; tab-stops: list 1.5in; mso-list: l2 level1 lfo1;"><span style='font-family: "Times New Roman",serif;'><span style="mso-list: Ignore;"><font color="#000000"><font size="3">(3)</font><span style='font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></font></span></span><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">Supervised
persons may rely on the definition of “client” in §275.203(b)(3)-1 without
giving regard to paragraph (b) (6) of that section<span style="mso-spacerun: yes;">&nbsp; </span></font></font><font color="#000000" size="3">to identify clients for purposes of paragraph
(a)(1) of this section, except that supervised persons need not count clients
that are not residents of the United States.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; tab-stops: .5in;"><font size="3"><font color="#000000"><b style="mso-bidi-font-weight: normal;"><span style='font-family: "Times New Roman",serif;'>Place
of Business</span></b><span style='font-family: "Times New Roman",serif;'>.
“Place of business” of an investment adviser representative means:</span></font></font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(1)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">An
office at which the investment adviser representative regularly provides
investment advisory services, solicits, meets with, or otherwise communicates
with clients; and</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; text-indent: -0.5in; tab-stops: list 1.5in; mso-list: l4 level1 lfo2;"><font color="#000000"><span style='font-family: "Times New Roman",serif;'><span style="mso-list: Ignore;"><font size="3">(2)</font><span style='font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><span style='font-family: "Times New Roman",serif;'><font size="3">Any
other location that is held out to the general public as a location at which
the investment adviser representative provides investment advisory services,
solicits, meets with or otherwise communicates with clients.</font></span></font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; tab-stops: .5in;"><b style="mso-bidi-font-weight: normal;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">Principal
Office and Place of Business</font></span></b><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">.<span style="mso-spacerun: yes;">&nbsp; </span></font></font><font color="#000000" size="3">“Principal office and place of business” of
an investment adviser means the executive office of the investment adviser from
which the officers, partners, or managers of the investment adviser direct, control,
and coordinate the activities of the investment adviser.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 22.5pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1in; page-break-after: avoid; mso-pagination: widow-orphan lines-together; tab-stops: .5in;"><b style="mso-bidi-font-weight: normal;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">“Client” of an Investment Adviser<u>.</u></font></font></span></b></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 0.5in; page-break-after: avoid; mso-pagination: widow-orphan lines-together; tab-stops: .5in;"><u><span style='font-family: "Times New Roman",serif;'><span style="text-decoration: none;"><font color="#000000" size="3">&nbsp;</font></span></span></u></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in; page-break-after: avoid; mso-pagination: widow-orphan lines-together; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(1)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">General.</font><span style="mso-spacerun: yes;"><font color="#000000" size="3">&nbsp; </font></span><font color="#000000" size="3">For purposes of section 203(b)(3) of the Act
[15 U.S.C 80b-3(b)(3)], the following are deemed a single client:</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 22.5pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(A)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">A
natural person, and:</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 22.5pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><span style="mso-tab-count: 5;"><font color="#000000" size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></span><font color="#000000" size="3">(i)</font><span style="mso-tab-count: 1;"><font color="#000000" size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></span><font color="#000000" size="3">Any minor child of the natural person;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 3in; text-indent: -193.5pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><span style="mso-tab-count: 5;"><font color="#000000" size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></span><font color="#000000" size="3">(ii)</font><span style="mso-tab-count: 1;"><font color="#000000" size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></span><font color="#000000" size="3">Any relative, spouse, or relative of the
spouse of the natural person who has the same principal residence;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 3in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(iii)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">All accounts of which the natural person and /or the person
referred to in this paragraph (a)(1) are the only primary beneficiaries;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 22.5pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(B)<span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">(i)
A Corporation, general partnership, limited partnership, limited liability
company (except when the limited partnership or limited liability company is
determine to be a private fund) , trust (other than a trust referred to in
paragraph (a)(1)(iv) of this section), or other legal organization (any of
which are referred to hereinafter as a “legal organization”) that receives
investment advice based on its investment objectives rather than the individual
investment objectives of its shareholders, partners, limited partners, members,
or beneficiaries (any of which are referred to hereinafter as an “owner”); and </font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 22.5pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">(ii) Two or more legal
organizations referred to in paragraph (a)(2)(i) of this section that have
identical owners.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 1.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; text-indent: -0.5in; tab-stops: .5in; mso-list: l3 level1 lfo4;"><span style='font-family: "Times New Roman",serif;'><span style="mso-list: Ignore;"><font color="#000000"><font size="3">(2)</font><span style='font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></font></span></span><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">Special
Rules.<span style="mso-spacerun: yes;">&nbsp; </span></font></font><font color="#000000" size="3">For purposes of this section:</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 22.5pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -0.5in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font size="3"><font color="#000000">(A) <span style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></font></font><font color="#000000" size="3">An owner must be counted as a client if the investment adviser
provides investment advisory services to the owner separate and apart from the
investment advisory services provided to the legal organization, provided,
however, that the determination that an owner is a client will not affect the
applicability of this section with regard to any other owner;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 22.5pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -0.5in; tab-stops: .5in; mso-list: l1 level1 lfo5;"><font color="#000000"><span style='font-family: "Times New Roman",serif;'><span style="mso-list: Ignore;"><font size="3">(B)</font><span style='font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><span style='font-family: "Times New Roman",serif;'><font size="3">An
owner need not be counted as a client of an investment adviser solely because
the investment adviser, on behalf of the legal organization, offers, promotes,
or sells interests in the legal organization to the owner, or reports
periodically to the owners as a group solely with respect to the performance of
or plans for the legal organization’s assets or similar matters;</font></span></font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -0.5in; mso-pagination: widow-orphan; tab-stops: .5in; mso-list: l1 level1 lfo5;"><font color="#000000"><span style='font-family: "Times New Roman",serif;'><span style="mso-list: Ignore;"><font size="3">(C)</font><span style='font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><span style='font-family: "Times New Roman",serif;'><font size="3">A
limited partnership or limited liability company is a client of any general
partner managing member or other person acting as investment adviser to the
partnership;</font></span></font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -0.5in; tab-stops: .5in; mso-list: l1 level1 lfo5;"><font color="#000000"><span style='font-family: "Times New Roman",serif;'><span style="mso-list: Ignore;"><font size="3">(D)</font><span style='font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span></span><span style='font-family: "Times New Roman",serif;'><font size="3">Any
person for whom an investment adviser provides investment advisory services
without compensation need not be counted as a client; and </font></span></font></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2.5in; text-indent: -0.5in; tab-stops: .5in; mso-list: l1 level1 lfo5;"><span style='font-family: "Times New Roman",serif;'><span style="mso-list: Ignore;"><font color="#000000"><font size="3">(E)</font><span style='font: 7pt/normal "Times New Roman"; font-size-adjust: none; font-stretch: normal;'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></font></span></span><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">An
investment adviser that has its principal office and place of business outside
of the United States</font><font color="#000000" size="3"> must
count only clients that are </font><st1:country-region w:st="on"><font color="#000000" size="3">United States</font></st1:country-region><font color="#000000" size="3">
residents; an investment adviser that has its principal office and place of
business in the </font><st1:country-region w:st="on"><font color="#000000" size="3">United
  States</font></st1:country-region><font color="#000000" size="3"> must count all clients.</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt 2in; tab-stops: .5in;"><span style='font-family: "Times New Roman",serif;'><font color="#000000" size="3">&nbsp;</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt;"><font color="#000000" face="Courier New" size="3">&nbsp;</font></p><font color="#000000" face="Times New Roman" size="3">

</font><div style="mso-element: footnote-list;"><br clear="all"><font face="Times New Roman"><font color="#000000" size="3">

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</font><p style="margin: 0in 0in 0pt;"><a name="_ftn1" title="" style="mso-footnote-id: ftn1;" href="file:///X:/Tadeo/incubator/fixture-generator/temp/9426CK_Sample%20word%20document.docx#_ftnref1"><span style="font-family: Courier; font-size: 8pt; mso-bidi-font-size: 10.0pt;"><span style="mso-special-character: footnote;"><span style='font-family: Courier; font-size: 8pt; -ms-layout-grid-mode: line; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;'><font color="#0066cc">[1]</font></span></span></span></a><font color="#000000" face="Courier New" size="3">
</font><span style='font-family: "Times New Roman",serif; font-size: 10pt;'><font color="#000000">275.206(4)-7<span style="mso-spacerun: yes;">&nbsp; </span></font><font color="#000000">(Compliance Procedures and Practices)</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt;"><span style='font-family: "Times New Roman",serif;'><span style="mso-spacerun: yes;"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp; </font></span><font color="#000000" size="2">275.203.A-1</font><span style="mso-spacerun: yes;"><font color="#000000" size="2">&nbsp;&nbsp; </font></span><font color="#000000" size="2">(Eligibility for SEC registration)</font></span></p><font color="#000000" face="Times New Roman" size="3">

</font><p style="margin: 0in 0in 0pt;"><span style='font-family: "Times New Roman",serif;'><span style="mso-spacerun: yes;"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp; </font></span><font color="#000000" size="2">275.203.A-2</font><span style="mso-spacerun: yes;"><font color="#000000" size="2">&nbsp;&nbsp; </font></span><font color="#000000" size="2">(Exemptions from Prohibition on SEC
Registration)</font></span></p><font color="#000000" face="Times New Roman" size="3">

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